(Reuters) — Aircraft leasing companies are suing dozens of insurers for about $6.5 billion in a series of lawsuits over the loss of hundreds of planes stuck in Russia since Moscow’s invasion of Ukraine.
More than 400 leased planes worth about $10 billion cannot leave Russia after EU sanctions forced out their leases.
Lessors claim that the planes are covered by insurance against war or theft, but insurers point out that the planes are undamaged and can still be returned.
Here is a list of claims lodged against insurance companies in London, Dublin and the US, with the most recent filing first.
Irish-based lessor CDB Aviation, owned by the China Development Bank, filed a claim in the Irish High Court against 1
8 insurers on November 15 over jets stuck in Russia. CDB Aviation acknowledged an asset write-down of 747 million yuan ($104 million) in August but said this was not the full value of the jets.BOC Aviation has taken legal action against 16 insurers, according to an Irish High Court filing on November 3. Singapore-based BOC acknowledged an $804 million asset write-down in August related to the 17 aircraft it owns that remain in Russia, saying it was unlikely to recover the jets “in the foreseeable future, if ever.”
Avolon is taking legal action against 15 insurers in the Irish High Court, a filing showed on Nov. 3, after the aircraft lessor recorded a $304 million first-quarter write-down to cover the financial impact of having 10 jets stuck in Russia.
Aircastle filed a claim against more than 30 insurance companies in New York State Supreme Court in late October over nine planes and other equipment that ran aground in Russia. Aircastle said earlier this year it had booked $252 million in impairment losses for the jets.
Carlyle Aviation Partners filed a $700 million claim in Miami-Dade County, Fla., against more than 30 insurance companies that refused to pay out over 23 planes stuck in Russia, it said in late October.
Dubai Aerospace Enterprise filed a lawsuit in London against 11 insurers, including Lloyd’s of London, American International Group, Chubb and Swiss Re in October, two months after they wrote off nearly $600 million for 19 planes stuck in Russia.
Aviator Capital filed a $147 million claim against Chubb, Hive Underwriters, HDI Global and a dozen Lloyd’s of London syndicates in a Florida court in August for failing to pay claims on four commercial aircraft and three engines leased to Russian airlines.
Aercap filed a $3.5 billion lawsuit in London against AIG and Lloyd’s in June over 141 aircraft and 29 aircraft engines owned by Aercap and leased to Russian airlines.
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